Michio Kaku has an interesting take on economic cycles in his book: Physics of the Future c2011

I agree with him that excess capital can be used to inflate bubbles like housing.  What’s missing in the QE debates is that this excess capital built up in 1980s and 1990s can be used by government deficits today to sustain the economy and suppress problems.

He also mentions punctuated equilibrium where progress will accelerate and then stagnate for decades.  Globalization was the progress of the 2000s.  Unfortunately, there is no easy progress left as biotech,nano-tech, ai, etc bear little fruits at this stage maybe in 10 years.

In the meantime, accumulated excess capital will be used to cushion the blow.